Oil industry says RINs drive up oil prices

03/21/2013 | Bloomberg

The price of gasoline has remained $1 more than the average during the past decade due in part to Renewable Identification Numbers, credits that refiners purchase and are designed to increase the use of ethanol. Bloomberg data revealed that RIN costs went up from 7.1 cents per gallon on Jan. 7 to $1.06 on March 8. Todd Becker, president and CEO of Green Plains Renewable Energy, attributed the higher RIN costs to lack of supply, saying refiners can still use the required ethanol consumption within the blend wall.

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